Setting Up a Bookkeeping System
In This Chapter
◆ Opening bank accounts
◆ Computerizing your accounting procedures
◆ Debits and credits and opening entries
◆ Posting your daily business transactions
Whether you plan on doing your own bookkeeping or not, you need to understand the process and learn how to read financial statements. Financial statements should be issued at the end of every month and are the best way to monitor the success of your thrift store.
All the income and expenses are totaled and reported on the financial statements and will tell you if your store is operating at a profit or loss. These reports will also show you where adjustments can be made to improve your cash flow and financial condition.
This chapter will provide ...